The Las Vegas Housing Market is CRASHING! Market Update September 2022

Las Vegas Real Estate Market Update – September 2022

Welcome to the September 2022 issue of our monthly market update for Southern Nevada. In this issue we will be going over August 2022 numbers.

Home prices fall for the third consecutive month.

Market Trends – September 2022

There were 2,002 single-family houses that sold in August, down 3.1% from July and down 37.6% from August 2021.

The median sales price of previously owned single-family homes, went from $465,000 in July to $450,000 in August, another $15,000 decrease in median price; which is down 3.2% from July, but still up 11.1% from the prior year.

In January 2022, the median price of previously owned single-family homes was at $435,000.
In August 2021, the median price of previously owned single-family homes was at $405,000.
In August 2020, the median price of previously owned single-family homes was at $335,000.

The median sales price of condos and townhomes went from $271,800 in July to $264,900 in August, a $6,900 decrease in median price; which is down 2.5% from July, but still up 15.7% from the prior year.

In August 2021, the median price of condos and townhomes was at $229,000.
In August 2020, the median price of condos and townhomes was at $185,000.

Luxury Market

There were 110 homes that sold in August for $1 million and over, compared to July’s 97 homes, a 13 home increase.

The median sales price in the Luxury Market for August increased to $1,399,950 and in July that number was $1,300,000. Almost $99,950 increase in the median sales price.

Market Trends

So, for August we had a total of 4,008 new listings, which is down 10.1% from July, but up .6% from the prior year.

In August 2021, there were 3,985 new listings on the market. Which seems to be in line with the number of new listings for August 2022.

There were also a total number of 7,997 single-family houses listed without offers at the end of August, (In July that number was 7,331) which is up 9.1% from July and up 145.6% from the prior year.

Market Trends

Which brings us to the housing supply in Southern Nevada, we increased to 4.0 months of inventory, in July that number was at 3.5, which is up 12.6% from July and up 293.8% from the prior year.

Last August 2021, the housing supply was at 1 months.

71.7% of the closings for the month August was on the market 30 days or less, in July this number was at 83.6% and in August 2021, 87.8% of the homes were on the market 30 days or less.

INTEREST RATES

The average rate on a 30-year home loan last month was 5.22 percent, down from 5.52 percent in June but up from 2.84 percent in August 2021, mortgage buyer Freddie Mac reported.

NEW BUILDER INCENTIVES SEPTEMBER 2022

Toll Brothers
Toll Brothers Sales Event Starts 9/10-10/2 – offering limited time incentives, but they do not disclose what those incentives are.

For a limited time, Toll Brothers is offering a 3.99% 30-year fixed interest rate on a conforming loan or a 4.25% on a jumbo loan for quick move-in homes eligible to close by January 31, 2023. This exclusive offer includes a free 165-day rate lock.

They are also offering a 6% broker co-op on select quick move-in homes, that must close by 10/30/22.

Taylor Morrison
Save up to $50,000 on a new home – Your monthly payment will be lower when you take advantage of finance savings from $15,000 up to $50,000+ versus buying a reduce priced home at current market rates.

Basically, you get up to $50,000 towards closing costs, interest rate buydowns, extended rate locks, and they can even use the money to pay mortgage insurance if they put less than 20% down.

If you go to their website, it goes over all the ways you can save. Link is provided in my blog post.

Pulte
Pulte is offering and adjustable-rate mortgage: 1^st year get 2.99%, 2^nd year get 3.99%, 3-30 years gets 4.99% interest rate. Must put 20% down.

They are also offering up to 6% towards closing costs or interest rate buy downs on their quick move-in homes when you use their in-house lender. They have a lot of quick move-in homes that they need to unload by the end of the year.

Talvona at Skye Hills are taking offers and accepting $60k to $100k off of purchase price.

Century Communities
Century Communities is still having their Purple Tag Sale

Lock in an incredible 3.875% interest rate on a 30-year fixed rate FHA or VA loan when financing with their affiliated lender, Inspire Home Loans. Only 3.5% down payment is required! Or get 3.875% interest rate for the first year on a Conventional Loan.

Available only when your home closes on or before 9/30/22. Receipt of extended rate lock is contingent upon buyer closing a loan with their affiliated lender, Inspire Home Loans.

Lennar Homes
I spoke with my Lennar rep and she said for a limited time, Lennar is offering 3.99% interest rate on a 30-year fixed loan on their quick move-in condos/townhomes that closes in August or September when you use their in-house lender.

Then they are offering 4.5% interest rate on a 30-year fixed loan on their quick move-in homes that closes in August or September when you use their in-house lender.

Lennar can also help with closing cost, the rep said she’s been seeing them pay all of the closing costs. They are trying to keep the prices, but offer incentives to buy down the rates or closing costs incentives.

Let me know if you want to learn more about all the quick move-in homes from these builders that are available across the valley.

ROB & ANG BETS
MEDIAN SALES PRICE
Rob said $13,000 decrease
Ang said $10,000 decrease
It actually decreased by $15,000
Rob came the closest, so he won!

WITHOUT OFFERS
Rob said 8,000
Ang said 8,200
Actual # 7,997
Rob is the clear WINNER!
 
MONTHS OF SUPPLY
Rob said 4.3 months
Ang said 4 months
Actual # 4 months
Ang is the clear WINNER!

Las Vegas Realtors Report: https://bit.ly/3AMKSgI

August Market Update

Also, if you are thinking about buying or selling in the Las Vegas Valley, CLICK HERE or you can call me at 702-370-5112.

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Angela O’Hare
Favorite Las Vegas Realtor
Home Realty Center
Lic. #180246
702-370-5112
[email protected]
www.summerlincommunities.com